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3B Public Hearing 2012 0521
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3B Public Hearing 2012 0521
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5/30/2012 11:46:42 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
5/21/2012
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_CC Agenda 2012 0521 CS+RG
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\City Clerk\City Council\Agenda Packets\2012\Packet 2012 0521
SA Reso 2012-007
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\City Clerk\City Council\Resolutions\2012
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File Number: 12 -258 <br />AT &T - five year lease with two 5 -year options <br />Public meetings were held to receive input on the proposed project including a City Council <br />work session on April 25, 2011 and a discussion with businesses at the June 24, 2011 <br />Downtown Association meeting. Progress on the development of Village Marketplace was <br />negatively impacted on June 28, 2011 when the State froze redevelopment agency activities <br />thereby making it impossible for the Redevelopment Agency to sell the parcel as previously <br />scheduled and planned. <br />Progress on Village Marketplace continued and public workshops were held on September 2, <br />2011 and September 27, 2011 and a project update was provided to the City Council at its <br />November 7, 2011 City Council meeting. <br />On December 29, 2011 the State Supreme Court upheld AB x1 26, which eliminated <br />redevelopment agencies effective February 1, 2012. City staff immediately began working <br />with the City Attorney's office to determine the process by which to legally sell the property. <br />The property must be sold by the City serving in its capacity as the Successor Agency to the <br />Redevelopment Agency. Sale proceeds will be forwarded to the Alameda County Auditor <br />Controller for distribution to taxing entities as required by AB x1 26. <br />The applicable entitlements for Village Marketplace were reviewed at a public hearing, <br />approved, and recommended for City Council approval by the Planning Commission on April <br />19, 2012 and are being brought to the City Council for approval concurrently with the <br />Disposition and Development Agreement. <br />The City and Innisfree have reached a negotiated sale price of $2.25 million and staff is <br />recommending execution of a Disposition and Development Agreement to sell the Site to <br />Innisfree for development of Village Marketplace consistent with the terms and conditions of <br />all approvals, entitlements and permits. <br />Analysis <br />Sales Price <br />There are three primary means of appraising commercial real estate: the cost approach, sales <br />comparison approach and the income capitalization approach. Each method has value <br />depending on the situation and type of real estate involved. <br />Cost Approach - The cost approach is not commonly used. The primary assumption of <br />this method is that the value is the same as the cost to replace the property. <br />Sales Comparison /Market Approach - This is the method most are familiar with as it <br />is the accepted method for valuing residential real estate; this method is also used to <br />value commercial real estate, although it is not the most common method. Typically <br />this method involves selecting properties with similar characteristics in the same market <br />area that have recently sold. Once those properties are found they are compared to the <br />property in question and a professional appraiser will deduct value from the subject <br />property for comparative deficiencies and increase value for comparative advantages. <br />City of San Leandro Page 3 Printed on 511512012 <br />
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